CIT Bank Mortgage Review: Rates, Fees, & Terms

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CIT Bank is a traditional brick-and-mortar bank with locations in 8 states. Their headquarters are in Pasadena, California, and most of their mortgages are for homes in the Southern California area.

Although their physical footprint only covers California and a handful of other states, they offer online mortgages across the country in all 50 states. 

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CIT Bank Home Loans
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CIT Bank Mortgage Pros and Cons


  • Relationship discounts are available for existing customers
  • Loans are available in all 50 states
  • Borrow up to $2,000,000 with a jumbo loan
  • Down payments as low as 3%


  • You cannot apply online
  • No online preapprovals
  • Doesn’t offer USDA or VA loans
  • Limited physical branches

CIT Bank Mortgage Overview

CIT Bank is a national lender based in Pasadena, California, with an array of mortgage products. They offer conventional, adjustable-rate (ARM), Federal Housing Authority (FHA), and jumbo (up to $2,000,000) mortgages.

They’re best known for their $525 cashback bonus when closing on your home. This acts as a nice little housewarming gift from them!

What Types of Home Loans Does CIT Bank Offer?

CIT Bank offers a wide range of mortgage products, including Conventional, Adjustable Rate, FHA, and Jumbo mortgages.

For those with an existing home, they also offer mortgage refinances. Unfortunately, they do not offer USDA or VA loans currently, though.

CIT Bank Mortgage Qualification Requirements

Since they offer FHA mortgages, their qualifications are rather relaxed. At CIT Bank, borrowers can be approved for a mortgage with as little as a 620-credit score.

An FHA mortgage will allow you to put as little as 3.5% down, and with a conventional mortgage, you can go as low as 3%.

However, it is important to note that if you plan on putting down less than 20%, CIT Bank will require you to have private mortgage insurance.

Although this is commonplace throughout the mortgage industry, it should be factored into your budget.

CIT Bank Mortgage Rates and Fees

CIT Bank’s mortgage rates are updated daily, and you can check them through a handy tool on their website.

All you have to do is enter the area you’re planning on buying in, your price range, loan amount, and a credit score estimate, and in seconds you can find a rate estimate.

Their estimated rates are typically competitive when compared to the national average, but you should always do some shopping around to make sure you’re getting the best deal!

CIT Bank does not publicly disclose the types of fees they charge or their estimated costs when it comes to fees. This means that it’s important to inquire about their fees if you decide to apply for a mortgage with CIT Bank.

CIT Bank Mortgage Features and Benefits

CIT Bank has a myriad of great features available for their clients. We’ve outlined some of the most prominent ones below:

Online Experience

CIT Bank offers a unique online experience. Much like the other best online mortgage lenders, they have a handy tool that helps you estimate your rate given your unique circumstances.

Once it comes time to apply, you must first call their customer support line and express your interest in a mortgage. After speaking with a representative, they will send you a link to start your application online.

Equal Housing Lender

Like most other banks across the country, CIT Bank is an equal housing lender. They are federally backed and prohibited from discriminating based on race, color, religion, national origin, sex, handicap, or familial status.

Great Industry Reputation

CIT Bank is among the most well-respected banks in the industry. So, when you’re working with CIT, you can rest assured knowing that you’re in good hands.

Good Customer Support

CIT Bank only offers customer service over the phone and in person at their physical branches. Since CIT Bank’s customer support does not have an online component, they can offer high-quality, personalized assistance to their customers. This is great for those looking for a bank with representatives that can help them face-to-face.

How Does CIT Bank Compare to Other Mortgage Lenders?

#1. CIT Bank vs. Quicken Loans

Quicken Loans is one of the leading online mortgage providers in the country.  Although they don’t have any physical branches, they serve all fifty states. Quicken Loans mortgage process can be done entirely online. Unlike CIT, there is no need to call to apply. Borrowers can be preapproved in just a few minutes online.

Quicken Loans is a much better option if you’re looking for a 100% digital experience when applying for a mortgage. However, CIT Bank can provide a much more personal touch.

>> More: Quicken Loans Mortgage Review

#2. Rocket Mortgage vs. CIT Bank

Much like Quicken Loans, Rocket Mortgage is another leading online mortgage provider. Rocket Mortgage operates in every state; however, they don’t have any physical branches.

They pride themselves on their 100% digital mortgages. Everything from preapproval to the signing of closing documents can be done entirely online.

If you’re looking for a personal touch to your mortgage process, then Rocket Mortgage probably isn’t for you. CIT Bank can provide a much more personal touch for those looking to talk to a person and not interact with a screen.

>> More: Rocket Mortgage Review

#3. CIT Bank vs. Better Mortgage

Better Mortgage is yet another titan in the online mortgage business. Unlike CIT Bank, they aren’t authorized to lend in every state, so Better Mortgage might not even be an option depending on your location.

However, if Better Mortgage is available in your state, they are a great choice for anyone looking for an entirely online mortgage application process. Better Mortgage also comes with their signature “Better Guarantee.” They guarantee that they will beat their competitor’s price by at least $100, or they will give you $100.

>> More: Better Mortgage Review

#4. Guild Mortgage vs. CIT Bank

Guild Mortgage is a hybrid lender that offers mortgages in all 50 states. They have over 70 physical branches across 11 states, making it easy for borrowers in the area to talk to their dedicated loan officers whenever they need them.

While every borrower is assigned a dedicated loan officer, much of the mortgage application process can be done online.

Guild can provide opportunities to meet with their representatives face to face, all the while keeping the speed and simplicity of an online application.

>> More: Guild Mortgage Review

CIT Bank Mortgage FAQs

Is CIT Bank a Good Choice for Mortgages?

CIT Bank is a good choice for a mortgage if you’re looking to talk to a mortgage broker face to face. Their limited online capabilities make it hard to compete with the big online mortgage providers like Rocket Mortgage and Better Mortgage.

However, CIT Bank’s offerings are great for those looking to walk into a physical branch and get the personal touch that can only be provided by face-to-face interaction.

How Do CIT Bank Mortgage Rates Compare to the National Average?

CIT Bank’s rates are quite easy to find and are competitive when compared to the national average.  If you’re looking to find your rate estimate online, they’ve got a simple tool on their website.

Does CIT Bank Offer Mortgage Refinance?

CIT Bank does allow borrowers to refinance their existing mortgages. To help prospective clients, they allow you to get a rate estimate for your refinances right on their website.

What Credit Score Do You Need for a CIT Bank Mortgage?

CIT Bank’s credit score requirements are on par with most providers in the industry. To qualify for a mortgage with CIT Bank, you will need to have a credit score of at least 620.  However, their requirements may be higher depending on the loan type and amount.

Does CIT Bank Charge a Mortgage Origination Fee?

CIT does not publicly list the fees associated with its mortgages, so it is unclear if they charge an origination fee.

If you decide to apply for a mortgage through CIT, be sure to ask the loan officer about the fees they charge before making the final decision on your mortgage provider. The cost of fees can make or break a deal between you and your mortgage provider!

Bottom Line: CIT Bank Mortgage Review

Overall, CIT Bank is a great option for those who live near one of their branches and those that already do their banking with CIT. They can also be a good option for those who aren’t as tech-savvy and are looking for a helping hand throughout the process.

However, when looking for a great digital experience, CIT Bank is not a great choice.

At the end of the day, their lack of online mortgage preapprovals and other digital functionalities makes it difficult to compete with other online mortgage providers.

Zach Hewke
Zach Hewke

Zach Hewke is a Personal Finance Writer who holds a Bachelor’s degree in Mechanical Engineering from Clarkson University. He is a personal finance expert who specializes in Mortgages and helping consumers land the home of their dreams. Zach’s area of expertise is mortgages, credit cards, and generation z personal finance.